Oman's national payment systems and their compliance with international standards and practices

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1 Citation (Scopus)

Abstract

Payment systems play a major part in the conduct of a country's monetary policy, financial sector and economic development. These systems are key tools for the economy in general and the banking and financial sectors in particular. The central bank plays a leading role, in investing, developing, enhancing and managing these systems. This research gives an overview of payment systems in Oman and their compliance to international standards and practices. Also illustrates the experience of payment systems approaches in developed countries (USA, UK and Australia) and regional Gulf Cooperation Council (GCC) countries. It shows that there are some gaps in Oman's payment systems with international standards and practices. Central bank of Oman (CBO) has to give the attention to these gaps to make payment systems more safe and effective and to comply with best practices. The financial crisis and technology changes have exposed how important the interconnections are among the banking system and payment systems. That suggests the need to strengthen the fundamental parts of a financial infrastructure, particularly in payment systems. The current issues in the Oman's payment systems may be an obstacle and against best practices. Therefore, they need to be highlighted for resolution.

Original languageEnglish
JournalJournal of Internet Banking and Commerce
Volume16
Issue number3
Publication statusPublished - Dec 2011

Fingerprint

Economics
Payment system
International standards
Oman
Compliance
Central bank
Best practice
Financial economics
Technology change
Financial sector development
Banking sector
Developed countries
Investing
Financial sector
Gulf Cooperation Council
Financial crisis
Interconnection
Systems approach
Monetary policy
Economic development

Keywords

  • Banking
  • e-commerce
  • National payment systems
  • Oman
  • Payment systems

ASJC Scopus subject areas

  • Finance
  • Computer Science Applications
  • Computer Networks and Communications
  • Management of Technology and Innovation
  • Human-Computer Interaction
  • Marketing

Cite this

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